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Contract Wins and Joint Ventures

SEC agrees £3m equity investment and collaboration deal in Porta

03 August 2017 07:19

SEC agreed a £3 million equity investment in Porta Communications and a commercial collaboration agreement with Porta.

Alongside SEC's strategic investment and the commercial collaboration agreement, Mr Fiorenzo Tagliabue, CEO and founder of SEC, will be appointed to the board of Porta, as Non-Executive Deputy Chairman.

Highlights

The signing of a subscription agreement with Porta for 85,714,286 new ordinary shares of 1p each in the capital of Porta at a price of 3.5p per Ordinary Share to SEC to raise gross proceeds of £3 million

- Alongside the strategic investment, the signing of a commercial collaboration agreement with Porta

- The appointment of Fiorenzo Tagliabue to the Porta board as Non-executive Deputy Chairman with effect from admission of the Subscription Shares (as defined below) to trading on AIM

SEC CEO Fiorenzo Tagliabue commented: "SEC's investment in Porta is designed to enable both Groups to deliver advice and services in the communications field (Advocacy, PR and Strategy) for corporations, companies and institutions across Europe, Australia, Middle and Far East and Latin America.

"The absence of any significant overlap in the two Groups' footprints makes such this partnership even more appealing to us, allowing us to benefit from the significant similarities as far as know-how, competences and network of relations are concerned in order to create extra value.

"This will benefit our clients and our business.

"I wish to convey my widest appreciation for Porta's management and all its operations covering different markets and I wish to thank the Board of Porta for appointing me to the position of Deputy Chairman."

Story provided by StockMarketWire.com

Related Company: SEC

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